NOTICE OF PROPOSED CHANGES RELATING TO REAL ESTATE...

Brief Description:  The Department of Commerce, Community, and Economic Development proposes to update regulations regarding standards for equivalent coverage and definition of “equivalent coverage”.The Department of Commerce, Community, and Economic Development (Department) proposes to adopt regulation changes in Title 12, Chapter 02 of the Alaska Administrative Code including the following:

12 AAC 02.530. Standards for equivalent coverage, is proposed to be amended to add the section citations to clarify the requirements of equivalent coverage in relation to the requirements of the minimum coverage standards for errors and omissions insurance.

12 AAC 02.590. Definitions, is proposed to be amended to add the section citations to clarify the definition of “equivalent coverage”. You may comment on the proposed regulation changes, including the potential costs to private persons of complying with the proposed changes, by submitting written comments to Jun Maiquis,

Regulations Specialist, Division of Corporations, Business and Professional Licensing, P.O. Box 110806, Juneau, AK  99811-0806. Additionally, the Department will accept comments by facsimile at (907) 465-2974 and by electronic mail at
RegulationsAndPublicComment@alaska.gov. Comments may also be submitted through the Alaska Online Public Notice System by accessing this notice on the system at
http://notice.alaska.gov/195191, and using the comment link.
The comments must be received not later than 4:30 p.m. on September 18, 2019. Comments received after this deadline will not be considered by the Department.
You may submit written questions relevant to the proposed action to Jun Maiquis, Regulations Specialist, Division of Corporations, Business and Professional Licensing, P.O. Box 110806, Juneau, AK  99811-0806 or by e-mail at
RegulationsAndPublicComment@alaska.gov.
The questions must be received at least 10 days before the end of the public comment period. The Department will aggregate its response to substantially similar questions and make the questions and responses available on the Alaska Online Public Notice System and on the Commission’s website at
https://www.commerce.alaska.gov/web/cbpl/ProfessionalLicensing/RealEstateCommission.aspx. The Department may, but is not required to, answer written questions received after the 10-day cut-off date and before the end of the comment period. If you are a person with a disability who needs a special accommodation in order to participate in this process, please contact Jun Maiquis at (907) 465-2537 or
RegulationsAndPublicComment@alaska.gov not later than September 11, 2019 to ensure that any necessary accommodation can be provided.A copy of the proposed regulation changes is available on the Alaska Online Public Notice System and by contacting Jun Maiquis at (907) 465-2537 or
RegulationsAndPublicComment@alaska.gov, or go to
https://www.commerce.alaska.gov/web/portals/5/pub/RE-E&O-Insurance-0819.pdf. After the public comment period ends, the Department will either adopt the proposed regulation changes or other provisions dealing with the same subject, without further notice, or decide to take no action. The language of the final regulation may be different from that of the proposed regulation.
You should comment during the time allowed if your interests could be affected. Written comments and questions received are public records and are subject to public inspection.Statutory Authority:  AS 08.88.172
Statutes Being Implemented, Interpreted, or Made Specific:  AS 08.88.172Fiscal Information: The proposed regulation changes are not expected to require an increased appropriation.DATE: 8/16/19
Jun Maiquis, Regulations Specialist                                                                                                          Division of Corporations, Business and Professional Licensing For each occupation regulated under the Division of Corporations, Business and Professional Licensing, the Division keeps a list of individuals or organizations who are interested in the regulations of that occupation.  The Division automatically sends a Notice of Proposed Regulations to the parties on the appropriate list each time there is a proposed change in an occupation's regulations in Title 12 of the Alaska Administrative Code.  If you would like your address added to or removed from such a list, send your request to the Division at the address above, giving your name, either your e-mail address or mailing address (as you prefer for receiving notices), and the occupational area in which you are interested. ADDITIONAL REGULATION NOTICE INFORMATION
(AS 44.62.190(d))1.   Adopting agency:  Department of Commerce, Community, and Economic Development – Division of Corporations, Business and Professional Licensing.
2.   General subject of regulation:  Standards for equivalent coverage and definitions.3.   Citation of regulation:  12 AAC 02.530 and 12 AAC 02.590.
4.   Department of Law file number:  To be assigned.
5.   Reason for the proposed action:  Update and clarification of current regulations.
6.   Appropriation/Allocation:  Corporations, Business and Professional Licensing – #2360.
7.   Estimated annual cost to comply with the proposed action to:
      A private person:  None known.
      Another state agency:  None known.
      A municipality:  None known.
8.   Cost of implementation to the state agency and available funding (in thousands of dollars): 
      No costs are expected in FY 2020 or in subsequent years.
9.   The name of the contact person for the regulation:
      Nancy Harris, Acting Executive Administrator 
      Alaska Real Estate Commission
      Division of Corporations, Business and Professional Licensing
      Department of Commerce, Community, and Economic Development
      Telephone:  (907) 269-8168
      E-mail: 
nancy.harris@alaska.gov
10.  
The origin of the proposed action:  Division of Corporations, Business and Professional Licensing and the Real Estate Commission.
11.  
Date: 8/16/19
       
Prepared by: Jun Maiquis
                             Regulations Specialist
                             (907) 465-2537